Are Visa and MasterCard charging too much? Your retailer thinks so
Visa and MasterCard are feeling the heat and how! They were on a roll until now as an increasing number of consumers resorted to plastic to beat the rise in costs. As gasoline rates increase, more customers are opting to use their credit cards to pay. So, what could be the problem?
Well, retailers are not too happy with how events are shaping up. They have gone to the extreme of asking Congress to step in and control certain procedures in credit card companies. Their main grouse relates to how much and in what way credit-card companies and issuing banks charge retailers for processing transactions. Retailers are asking for more regulation on interchange rates — the fee charged to retailers for processing a credit-card transaction. Washingtontimes.com reports:
Visa this week announced that it would make interchange rate factors available to participating retailers online, but only to those that sign a non-disclosure agreement.
Read more: Retailers seek fee rules for credit cards
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